There are two types of cryptocurrency payment gateways today that aim to make crypto payment widely available — the ones with a fiat option and the ones without. Both exist to allow merchants and businesses to accept cryptocurrency from people who are willing to buy goods and pay with crypto.
The gateways with a fiat option like Coinbase Commerce, and Coinpayments allow customers to pay with crypto by converting coins into fiat on behalf of merchants. Accordingly, merchants receive fiat into their bank accounts when they reach a minimum withdrawal limit. Major issue merchants face when it comes to this type of gateway is that their funds are still held by a centralised entity and would still have to wait days to access it. The other, like CryptAPI, allows customers and merchants to pay and get paid in crypto directly to their non-custodial wallet, without the need to involve fiat in the process. This gives back control to merchants who are looking to accept crypto payments as their funds are instantly available with the wallet they control.
Both types have similar end-user journeys where users are required to send their tokens to a specified address. By doing so, customers who are paying with crypto are required to have at hand or acquire gas or network tokens to make that transaction. This is often seen as cumbersome for users when it comes to crypto payments. For new crypto adopters, the idea of having to have another currency at hand just to conduct the transaction can be a hindrance. In addition, there are cases when customers checking out from an online store end up paying more than they should. For example, a user who is looking to pay $100USDC on Ethereum will end up paying $100USDC + 0.02 ETH for the transaction.
How is Paywong helping make crypto payments cheaper and easier?
Based out in Singapore, Paywong aims to bring crypto payments to the masses by making them cheaper and easier. It is poised to be a leader as a gasless crypto payment gateway. By implementing a relayer solution, users paying with crypto just need to sign a transaction from their non-custodial wallet like Metamask once, and Paywong handles the rest, eliminating the need for gas tokens. These types of transactions are known as meta transactions.
For this, Paywong takes a small fee of as low as 0.5% from the merchant receiving the payments. This mimics traditional payment gateways solutions that are familiar to users and merchants alike.“Users who are making the payment from merchants would not have to worry about having any gas tokens in their wallet. If the item costs $100USDC they will only need a minimum of $100USDC in their wallet.”
Merchants looking to accept crypto only need to sign up with an email address and will have access to all of Paywong’s suite of products from crypto invoicing, e-commerce integrations (Shopify, Woocommerce, etc) and many more the startup is building. No upfront cost or monthly subscriptions needed.
What about security?
Users can enable withdrawing funds only to certain authorised addresses in their accounts, which means withdrawals to other wallets would be prohibited. Paywong also provides 2FA (two-factor authentication), which is a vital feature these days in light of the increasing number of frauds, data breaches, and security risks.
What else is there to know about Paywong?
Paywong provides merchant services for businesses that cater to all kinds of customers through its crypto payment system and gateway. Paywong is also useful for individuals who are working as freelancers and want to get paid for their services in crypto. With Paywong, anyone can accept crypto payments from anywhere in the world with low transaction fees and with or without a website. The startup is also working with a third-party off-ramp solution to allow its users to convert crypto to fiat in real time.
Join the waitlist and save up to 50% on fees forever!
Paywong is slated to launch later this year with features that include an intuitive dashboard to manage user funds, e-commerce integrations and also an invoicing system that generates a payment link for anyone to share. They are currently offering the first 5000 signups with a lifetime offer of 0.5% transaction fee.
For additional information and updates, visit the official website along with the Twitter, Linkedin and Telegram channels.
About The Company
Paywong is a product of Walawong Solutions Pte Ltd — a Web3 startup based in Singapore. We are on a mission to simplify crypto payments for businesses by leveraging the power of blockchain technology.
Contact:
Moe Tengku
CEO/Co-Founder
moe@paywong.com
Sam Zulkifli
COO/Co-Founder
sam@paywong.com
